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    Tanya Jakusconek

    Managing Director and Senior Equity Analyst at Scotiabank

    Tanya Jakusconek is a Managing Director and Senior Equity Analyst at Scotiabank, specializing in Basic Materials with a particular focus on precious metals and mining companies. She actively covers major firms including Kinross Gold, Barrick Gold, Newmont, Agnico Eagle, and Pan American Silver, and has established a strong performance track record with a 64% success rate across 151 ratings and an average return of 15.8% per rating, ranking in the top 8% of Wall Street analysts. Jakusconek began her analyst career in the mid-2010s, previously serving as a board member at Pan American Silver before her tenure at Scotiabank. She holds key industry credentials and is recognized for her quantitative acumen and expertise in sector research.

    Tanya Jakusconek's questions to GOLD FIELDS (GFI) leadership

    Tanya Jakusconek's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Tanya Jakusconek of Scotiabank asked for confirmation on the timing of the Windfall feasibility study, an update on its permitting and First Nations negotiations, the specific hurdles to declaring commercial production at Salares Norte, and the status of the long-term production ramp-up plan for the South Deep mine.

    Answer

    CEO Mike Fraser confirmed a Windfall capital and execution plan update is due in November, with a formal study likely in February 2026, and noted that both the EIA process and IBA negotiations are progressing as planned. CFO Alex Dall explained that declaring commercial production at Salares Norte is pending a technical review to ensure sustained performance. Regarding South Deep, Fraser reiterated the long-term ambition to increase production but emphasized a cautious, incremental approach in the near term.

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    Tanya Jakusconek's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Asked for updates on the Windfall project, including the feasibility study timeline and permitting status; the reason for the delay in declaring commercial production at Salares Norte; and the status of the long-term production ramp-up plan for the South Deep mine.

    Answer

    An update on Windfall's capital and execution plan is scheduled for November, with permitting and First Nations negotiations progressing as planned. The declaration of commercial production at Salares Norte is pending a final technical metal accounting review. The long-term ramp-up plan for South Deep remains an ambition, but the near-term focus is on incremental, sustainable improvements.

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    Tanya Jakusconek's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Tanya Jakusconek of Scotiabank asked for confirmation of the Windfall feasibility study timeline, an update on its permitting and First Nations negotiations, and the status of the plan to ramp up South Deep's production.

    Answer

    Mike Fraser, ED & CEO, clarified that a Windfall capital update will come in November, with a formal reserve declaration in February 2026. He confirmed the EIA and IBA processes are on track. Regarding South Deep, he stated the long-term ramp-up ambition remains, but the near-term focus is on incremental, sustainable improvements.

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    Tanya Jakusconek's questions to FRANCO NEVADA (FNV) leadership

    Tanya Jakusconek's questions to FRANCO NEVADA (FNV) leadership • Q2 2025

    Question

    Tanya Jakusconek asked about the remaining gold bullion, guidance seasonality, the Hemlo NPI, royalty buyback provisions, M&A opportunities, and the history of the New Prosperity asset.

    Answer

    CFO Sandip Rana addressed the bullion and guidance questions, confirming Q3 would likely be stronger. Chief Investment Officer Eaun Gray identified Cote and Porcupine as having key buyback features and noted a healthy M&A pipeline. President & CEO Paul Brink clarified that the New Prosperity project had no capital funded, hence no major write-off.

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    Tanya Jakusconek's questions to FRANCO NEVADA (FNV) leadership • Q2 2025

    Question

    Tanya Jakusconek asked a series of detailed questions covering the gold inventory, in-kind royalties, quarterly guidance cadence, the Hemlo NPI, assets with buyback provisions, M&A strategy, and the history of the New Prosperity option.

    Answer

    CFO Sandip Rana and CIO Eaun Gray addressed the portfolio details, confirming the inventory level, listing in-kind royalties like Detour and Porcupine, and identifying buyback features on the Cote and Porcupine royalties. President and CEO Paul Brink clarified the New Prosperity option's history, noting no capital was funded, and reiterated the M&A focus on a balanced portfolio of quality assets.

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    Tanya Jakusconek's questions to FRANCO NEVADA (FNV) leadership • Q1 2025

    Question

    Tanya Jakusconek sought confirmation on the full-year GEO delivery profile, clarification on the pricing lag for energy assets, an operational update on Cobre Panama, and the conditions for suspending arbitration. She also probed the M&A pipeline for changes in deal size, the mix of royalties versus streams, and opportunities in non-gold assets.

    Answer

    CFO Sandip Rana confirmed the previously guided full-year GEO profile remains fair, though cautioned about the GEO conversion impact from commodity price shifts. SVP, Energy Jason O'Connell explained the lag for price impact is 1-3 months for payments and ~6 months for drilling activity changes. President and CEO Paul Brink stated there is no timeline yet for shipping the Cobre Panama concentrate and that the company is open to *suspending* arbitration once the table is set for proper negotiations. SVP, Business Development Eaun Gray noted that deal volumes and sizes are similar to last year, with a healthy mix of royalty and stream opportunities, primarily in gold. He added that non-gold opportunities are being evaluated across a wide range of sizes.

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    Tanya Jakusconek's questions to FRANCO NEVADA (FNV) leadership • Q2 2024

    Question

    Tanya Jakusconek requested clarity on the H2 2024 production cadence, pressed for IRR benchmarks for the Yanacocha and Cascabel deals, and asked about the M&A environment, including typical deal sizes and the availability of royalty deals. She also inquired about the continued pursuit of lithium transactions.

    Answer

    CFO Sandip Rana projected a relatively even split for H2 GEOs between Q3 and Q4. SVP Eaun Gray noted a mid-single-digit IRR is reasonable for an optionality-rich asset like Yanacocha, while the Cascabel return is 'meaningfully higher.' He described the M&A pipeline as 'extremely busy' with typical deals in the $100M-$300M range. CEO Paul Brink confirmed they are still actively pursuing lithium and other diversified deals.

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    Tanya Jakusconek's questions to FRANCO NEVADA (FNV) leadership • Q1 2024

    Question

    Tanya Jakusconek from Scotiabank questioned the outlook for the Hemlo royalty, the timing for reaching the Mine Waste Solutions cap, the expected weighting of GEOs in H2, the M&A pipeline size, and the timeline for Cobre Panama developments.

    Answer

    CFO Sandip Rana suggested the Hemlo royalty would likely be similar to last year. President & CEO Paul Brink confirmed the Mine Waste Solutions cap would be reached in Q4 and that a stronger second half is expected. Executive Eaun Gray noted the deal pipeline now includes larger transactions, potentially over $500 million. Executive Jason O'Connell added they are evaluating lithium opportunities. Paul Brink clarified that the new Panamanian government takes office in July, so significant news on Cobre Panama is not expected until later in the summer.

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    Tanya Jakusconek's questions to Wheaton Precious Metals (WPM) leadership

    Tanya Jakusconek's questions to Wheaton Precious Metals (WPM) leadership • Q2 2025

    Question

    Tanya Jakusconek from Scotiabank asked about the competitiveness of deal terms, the size of current opportunities, the nature of M&A-related financing, and the production outlook for the second half of the year.

    Answer

    President Haytham Hodaly described the deal environment as more competitive but not restrictive, with a pipeline of deals mostly under $400M and a few over $750M. He clarified M&A opportunities involve financing asset acquisitions for partners, not corporate M&A for Wheaton. VP-Mining Operations Wes Carson confirmed the H2-weighted production guidance remains intact with a slight bias to Q4.

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    Tanya Jakusconek's questions to Wheaton Precious Metals (WPM) leadership • Q1 2025

    Question

    Tanya Jakusconek of Scotiabank sought confirmation on the full-year production split between the first and second half, Wheaton's potential role in financing the CopperWorld project, the increasing size of deals in the pipeline, and the company's perspective on corporate M&A versus organic stream creation.

    Answer

    VP of Mining Operations, Wes Carson, updated the production forecast to a 47% first-half and 53% second-half split. President & CEO Randy Smallwood clarified that any support for Hudbay's CopperWorld would be via streaming or other financial instruments, not a direct equity partnership. SVP of Corporate Development Haytham Hodaly confirmed that deal sizes are increasing, with some opportunities in the $500 million to $1 billion range. Both executives emphasized a strong preference for creating their own high-quality streams over acquiring other companies and their potential challenges.

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    Tanya Jakusconek's questions to Wheaton Precious Metals (WPM) leadership • Q4 2024

    Question

    Tanya Jakusconek from Scotiabank posed several modeling questions, asking about the expected production split between the first and second half of 2025, operational seasonality, DD&A guidance, and the nature of the current deal pipeline, including its focus on development projects versus royalties and its geographic distribution.

    Answer

    President and CEO Randy Smallwood projected a 45/55 production split between H1 and H2 2025, driven by new project ramp-ups. VP, Mining Operations Wes Carson identified Salobo's Q1 rainy season as the main seasonal factor but noted it is well-mitigated. SVP & CFO Gary Brown guided to roughly $300 million in depletion for 2025. SVP, Corporate Development Haytham Hodaly confirmed the pipeline is focused on development-stage projects primarily in North and South America.

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    Tanya Jakusconek's questions to Wheaton Precious Metals (WPM) leadership • Q2 2024

    Question

    Tanya Jakusconek requested details on the Q3 vs. Q4 production split, the DD&A forecast, the role of PGM assets in the deal pipeline, the company's view on corporate M&A, and the typical timeline for executing a streaming deal.

    Answer

    Wesley Carson, VP of Mining Operations, stated that Q3 and Q4 production should be fairly even. CFO Gary Brown advised using Q2's asset-by-asset depletion figures from the MD&A as a benchmark for future DD&A. Haytham Hodaly, SVP of Corporate Development, explained that PGM opportunities are considered, but primarily for their gold component. He affirmed that purchasing streams at or below NAV is preferable to paying a premium for corporate M&A. He estimated a typical streaming deal takes 6 to 8 weeks to complete.

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    Tanya Jakusconek's questions to IAMGOLD (IAG) leadership

    Tanya Jakusconek's questions to IAMGOLD (IAG) leadership • Q2 2025

    Question

    Tanya Jakusconek from Scotiabank asked about the potential to extend Essakane's mine life, the timeline for stabilizing mining and processing costs at Cote to their target levels, and the expected production cadence between Q3 and Q4 2025 across the portfolio.

    Answer

    CEO Renaud Adams indicated that extending Essakane's mine life to 2033 is feasible, pending government approvals. He projected Cote's costs would stabilize near targets by mid-2026. For the production outlook, Adams and CFO Maarten Theunissen stated Cote's output would be steady, while Essakane and Westwood are expected to have a stronger Q4 than Q3 due to improving grades.

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    Tanya Jakusconek's questions to IAMGOLD (IAG) leadership • Q1 2025

    Question

    Tanya Jakusconek from Scotiabank asked if Essakane's cost guidance accounts for higher gold price-linked royalties. She also sought clarity on the production profile for the year, specifically the H1 vs. H2 split. Additionally, she inquired about the balance sheet targets and timeline for initiating shareholder returns and the long-term strategic vision for the Chibougamau camp.

    Answer

    CFO Marthinus Theunissen confirmed Essakane's cost guidance, based on a $2,500/oz gold price, still holds despite higher royalties. CEO Renaud Adams and COO Bruno Lemelin affirmed that H2 production will be significantly stronger than H1. Regarding capital returns, Theunissen and Adams stated the priority for the next 12 months is debt reduction, targeting a net debt-to-EBITDA below 1.0x, making shareholder returns a consideration for mid-2026. Adams outlined the Chibougamau strategy, focusing on aggressive drilling to build a large resource base as a 100% owner.

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    Tanya Jakusconek's questions to IAMGOLD (IAG) leadership • Q4 2024

    Question

    Tanya Jakusconek asked for a detailed quarterly outlook for Côté Gold's ramp-up, including planned downtime, and inquired about the production profile for the Essakane mine. She also posed a strategic question about the long-term fit of Essakane within IAMGOLD's increasingly Canada-focused portfolio.

    Answer

    COO Bruno Lemelin and CEO Renaud Adams clarified the Côté outlook, stating that HPGR maintenance was advanced to Q1, with another shutdown in August. They expect steady quarter-over-quarter improvement, with Q1 being the lowest and Q4 the strongest. For Essakane, Adams noted Q1 could also be slightly lower as mining enters new phases, before picking up. Regarding strategy, Adams emphasized Essakane's critical role in generating strong free cash flow for deleveraging in 2025-2026 and highlighted its recent operational stability, deferring comment on long-term portfolio decisions.

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    Tanya Jakusconek's questions to IAMGOLD (IAG) leadership • Q2 2024

    Question

    Tanya Jakusconek from Scotiabank asked for several specific details on Cote, including truck availability, high-grade stockpile tonnages, the nature of the dust issue, and confirmation of the currency for processing costs. She also inquired about the grade decline profile at Essakane and the production outlook for Westwood for the rest of the year.

    Answer

    President and CEO Renaud Adams confirmed Cote's truck availability is high at around 85% and explained the dust issue is an operational health and safety matter being addressed with suppression systems. He also confirmed processing costs are in USD. Regarding operations, he noted Essakane's grades will transition down gradually, while Westwood's underground improvements will be partially offset by the conclusion of mining at the Fayolle deposit.

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    Tanya Jakusconek's questions to Triple Flag Precious Metals (TFPM) leadership

    Tanya Jakusconek's questions to Triple Flag Precious Metals (TFPM) leadership • Q2 2025

    Question

    Tanya Jakusconek sought clarification on the M&A pipeline, asking if the $100-$300 million target range is exclusively for precious metals, the mix of development versus producing assets, whether streams would include equity or debt, and confirming the geographic focus remains on the Americas and Australia.

    Answer

    CEO Sheldon Vanderkooy confirmed the pipeline is predominantly precious metals, calling the recent lithium deal opportunistic. He noted the pipeline contains a 'good number' of producing assets. Vanderkooy clarified that including equity or debt with streams is not a standard approach and that the company's primary geographic focus remains on the Americas and Australia, rather than Africa.

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    Tanya Jakusconek's questions to Triple Flag Precious Metals (TFPM) leadership • Q4 2024

    Question

    Tanya Jakusconek asked for details on the M&A pipeline, including the mix of producing versus development assets, the company's capacity for deals over $300 million, their view on corporate M&A, and the outlook for the dividend policy given the debt-free balance sheet.

    Answer

    CEO Sheldon Vanderkooy responded that the M&A pipeline contains a mix of both producing and development assets. He confirmed Triple Flag is open to syndication on very large deals to manage concentration and can compete for the largest transactions in the sector. While open to corporate M&A, citing the successful Maverix deal, he noted it is challenging. Vanderkooy also reiterated the company's progressive dividend policy, expecting to continue annual increases, and stated the business requires a minimal cash balance of only $5-$10 million to operate.

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    Tanya Jakusconek's questions to Triple Flag Precious Metals (TFPM) leadership • Q4 2024

    Question

    Tanya Jakusconek inquired about the M&A pipeline, asking about the mix of producing versus development assets, the company's capacity for large deals over $300 million, its openness to syndication and corporate M&A, and the outlook for the dividend policy given the company's zero-debt balance sheet.

    Answer

    CEO Sheldon Vanderkooy responded that the M&A pipeline contains a mix of producing and development assets. He confirmed Triple Flag is open to syndication on larger deals to manage concentration risk and can compete for the largest transactions in the sector. While open to corporate M&A, citing the successful Maverix deal, he noted the difficulty in finding the right value and partner. Regarding capital allocation, Mr. Vanderkooy reiterated a commitment to a progressive dividend policy with expected annual increases and stated the business requires a minimal cash balance of only $5-$10 million to operate.

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    Tanya Jakusconek's questions to Triple Flag Precious Metals (TFPM) leadership • Q2 2024

    Question

    Tanya Jakusconek from Scotiabank requested clarity on the production cadence for H2 2024, particularly for the North Park asset. She also inquired about the expected IRR for the new Allied Gold stream and the current M&A pipeline, including typical deal sizes and the company's stance on syndication.

    Answer

    SVP James Dendle indicated a stronger Q3 than Q4 for North Park but did not provide specific company-wide quarterly guidance. He stated the Allied Gold deal has an expected double-digit IRR, well above typical operating mine returns. CEO Shaun Usmar and CFO Sheldon Vanderkooy confirmed the M&A sweet spot remains $100M-$300M, the pipeline is strong, and they remain open to syndicating larger deals to manage risk and optimize value for shareholders.

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    Tanya Jakusconek's questions to OR Royalties (OR) leadership

    Tanya Jakusconek's questions to OR Royalties (OR) leadership • Q2 2025

    Question

    Tanya Jakusconek sought clarification on the typical size range for potential transactions, excluding the billion-dollar scale, and asked if there had been any new public filings from Elliott Management since their last announcement.

    Answer

    Jason Attew, CEO, President & Director, responded that the company is evaluating multiple transaction opportunities ranging from approximately $35 million up to nearly a billion dollars. He confirmed this range could include various instruments and potential corporate transactions. Regarding Elliott, Mr. Attew stated that the last public disclosure he was aware of was their ownership of 2.2 million shares and that it would be inappropriate to speculate further.

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    Tanya Jakusconek's questions to OR Royalties (OR) leadership • Q4 2024

    Question

    Tanya Jakusconek of Scotiabank inquired about Osisko's 2025 production profile, capital allocation strategy for M&A, and shareholder return priorities, including dividends versus share buybacks.

    Answer

    President & CEO Jason Attew confirmed the 2025 GEO delivery profile would be back-half weighted (45-55 split), with Q1 being the weakest quarter. On capital allocation, he stated Osisko is open to syndicated deals for larger transactions and is focused on a robust pipeline of opportunities in the $50M-$500M range that are cash-flowing or accretive within the 5-year outlook. Regarding shareholder returns, Attew noted that a dividend increase would likely be recommended to the board in May, and share buybacks are viewed as an opportunistic tool to be used when the stock price is dislocated from its fundamental value.

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    Tanya Jakusconek's questions to OR Royalties (OR) leadership • Q4 2024

    Question

    Tanya Jakusconek of Scotiabank inquired about Osisko's 2025 production profile, capital allocation strategy for transactions, and shareholder return policies, including dividends and share buybacks.

    Answer

    Jason Attew (executive) detailed that 2025 GEO deliveries will be back-half weighted (45-55 split), with Q1 being the weakest quarter. On capital allocation, he confirmed Osisko is open to syndicated deals and is focused on transactions between $50M-$500M that add cash flow within the 5-year outlook. Regarding shareholder returns, Attew noted that management will likely recommend a dividend increase in May, based on strong cash flow projections, and will opportunistically use share buybacks when the stock appears undervalued.

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    Tanya Jakusconek's questions to OR Royalties (OR) leadership • Q2 2024

    Question

    Asked for clarification on the impact of Eagle on 2028 guidance, details on the potential upcoming M&A deal size and structure, the company's stance on share buybacks versus deals, the preference between dividends and buybacks, and the expected rate of return on the Cascabel stream.

    Answer

    The 2028 guidance included about 9,000 GEOs annually from Eagle, but it's too early to formally adjust the long-term outlook. The company is looking at deals from $50M to $300M, some potentially syndicated. While accretive deals are the priority for capital, share buybacks are a tool they will consider, especially if the stock is undervalued. Both dividends and buybacks are valued for returning capital. The Cascabel return is expected to be in the high single digits based on the PFS, but is subject to several variables.

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    Tanya Jakusconek's questions to OR Royalties (OR) leadership • Q2 2024

    Question

    Tanya Jakusconek of Scotiabank sought confirmation on the impact of the Eagle Mine's suspension on the 2028 guidance, asking if the previously expected 9,000 GEOs would place the outlook at the lower end of the range. She also inquired about the M&A pipeline, capital allocation priorities between buybacks and dividends, and the expected rate of return on the Cascabel stream investment.

    Answer

    President and CEO Jason Attew confirmed Eagle was budgeted for ~9,000 GEOs annually but stated it was too early to formally adjust the 5-year outlook. He reaffirmed the M&A target of a $50M-$300M deal by year-end. On capital allocation, Attew noted that while M&A is the priority, the company has the flexibility for opportunistic share buybacks and views both dividends and buybacks as important tools for shareholder returns. For Cascabel, he indicated a high single-digit IRR based on the PFS, with potential upside.

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    Tanya Jakusconek's questions to OR Royalties (OR) leadership • Q2 2024

    Question

    Tanya Jakusconek sought to benchmark the impact of the Eagle Mine on long-term guidance, asking if its contribution was around 9,000 GEOs annually. She also inquired about upcoming M&A, asking if the target deal size remains in the $50M-$300M range, and questioned capital allocation priorities between share buybacks and dividends. Finally, she asked if a 6-7% IRR was a fair assumption for the Cascabel stream.

    Answer

    President and CEO Jason Attew confirmed Eagle's budgeted contribution was approximately 9,000 GEOs annually but reiterated it was too early to adjust the 5-year outlook. He affirmed the M&A deal size target of $50M-$300M. On capital allocation, he described the share buyback as an opportunistic tool, with the primary preference being accretive M&A. For Cascabel, he characterized the return as 'high single digits' based on the PFS, with upside potential from commodity prices and other deal nuances.

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    Tanya Jakusconek's questions to ELDORADO GOLD CORP /FI (EGO) leadership

    Tanya Jakusconek's questions to ELDORADO GOLD CORP /FI (EGO) leadership • Q2 2025

    Question

    Tanya Jakusconek from Scotiabank asked for the reason behind the metallurgical work delay at Kisladag. She also inquired about skilled labor needs and retention at Skourias, the company's definition of 'commercial production,' the ramp-up timeline to steady state, and the status of remaining equity investments.

    Answer

    EVP Simon Hille clarified the Kisladag delay was due to terminating an initial drilling contractor for safety and equipment issues, causing a three-month setback. President & CEO George Burns stated that Skourias labor is in good shape, with the increased workforce de-risking the schedule, and he expects a ramp-up to nameplate capacity by Q3 2026. EVP & CFO Paul Ferneyhough defined commercial production as achieving over 70% throughput with expected recoveries. Mr. Burns also confirmed plans to divest remaining non-core assets while holding stakes in Probe and Amex.

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    Tanya Jakusconek's questions to ELDORADO GOLD CORP /FI (EGO) leadership • Q1 2025

    Question

    Tanya Jakusconek from Scotiabank asked about the expected production cadence between the first and second half of the year, potential for unusual maintenance, labor availability for Skouries (specifically electrical), and progress on open-pit operator training. She also sought clarification on the high Q1 interest expense and the potential cost impact from U.S. tariffs.

    Answer

    President and CEO George Burns confirmed a production split of roughly 48% in H1 and 52% in H2, with no unusual maintenance planned. He and EVP Louw Smith affirmed they have good visibility on all required trades, including electrical, and are ramping up open-pit operator hiring toward a target of 80. CFO Paul Ferneyhough explained that the Q1 interest expense was high due to one-off items and should normalize. He estimated potential tariffs could add $4/oz to cash costs and $6/oz to AISC, primarily impacting consumables in Quebec.

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    Tanya Jakusconek's questions to ELDORADO GOLD CORP /FI (EGO) leadership • Q4 2024

    Question

    Tanya Jakusconek from Scotiabank inquired about the labor situation at the Skouries project and the reasons for the removal of the preliminary economic assessment (PEA) from the Lamaque Complex technical report.

    Answer

    President and CEO George Burns addressed both points. Regarding Skouries, he confirmed progress toward hiring targets, noting the current focus is on securing concrete workers to reach a total of 1,300 personnel by the end of Q1. For Lamaque, he explained the PEA was removed following a review by the British Columbia Securities Commission, which deemed the use of reserve-case economic parameters for an inferred resource study as inconsistent with NI 43-101 rules. He stressed that the Ormaque mineral reserve and overall inferred resources remain unchanged.

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    Tanya Jakusconek's questions to ELDORADO GOLD CORP /FI (EGO) leadership • Q2 2024

    Question

    Tanya Jakusconek of Scotiabank asked about the expected wage impact of the Olympias contract, the status of remaining contracts at the Skouries project, potential labor mobility from Olympias to Skouries, the outlook for depreciation expense, the quarterly production cadence for the second half of the year, and the ultimate goal of the Kisladag optimization study.

    Answer

    CEO George Burns stated the Olympias labor agreement would be a 'win-win' with no cost surprises and confirmed the filter plant is the last material contract for Skouries, with labor recruiting on track. CFO Paul Ferneyhough explained that depreciation is tracking toward the low end of guidance and that production will ramp up quarter-over-quarter, with Q4 being the strongest. EVP of Operations Simon Hille added that the Kisladag study aims to maximize the value of invested capital by reassessing geometallurgical performance against plant capabilities.

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    Tanya Jakusconek's questions to AGNICO EAGLE MINES (AEM) leadership

    Tanya Jakusconek's questions to AGNICO EAGLE MINES (AEM) leadership • Q2 2025

    Question

    Tanya Jakusconek of Scotiabank asked about capital allocation, including the minimum cash balance Agnico Eagle aims to maintain and which projects might see accelerated spending. She also inquired about the company's approach to updating life-of-mine plans and reserve calculations in the current high gold price environment.

    Answer

    EVP & CFO Jamie Porter stated he is comfortable with cash levels exceeding $2.25 billion, given future tax payments and capital needs, and noted that acceleration opportunities exist across the entire project pipeline. President and CEO Ammar Al-Joundi and EVP - Exploration Guy Gosselin explained that while they are evaluating opportunities to extend mine lives with lower-grade ore, the core strategy remains prioritizing higher-grade ounces and not altering mining sequences based on short-term price moves.

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    Tanya Jakusconek's questions to AGNICO EAGLE MINES (AEM) leadership • Q1 2025

    Question

    Tanya Jakusconek from Scotiabank posed three questions: the potential impact of tariffs on costs, the company's strategy for its large investment portfolio in junior miners, and the prerequisites for a dividend increase, such as net cash levels and gold price stability.

    Answer

    CEO Ammar Al-Joundi stated tariffs would have a minimal cost impact, likely offset by currency movements, and no effect on revenue. He affirmed the junior investment strategy remains focused on intelligence gathering, with the portfolio's size increase due to market appreciation. An executive confirmed the company targets a $1 billion net cash position and desires gold price stability before reviewing the dividend, prioritizing buybacks in the interim.

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    Tanya Jakusconek's questions to AGNICO EAGLE MINES (AEM) leadership • Q4 2024

    Question

    Tanya Jakusconek from Scotiabank asked about capital returns, questioning the priority between debt/tax payments and shareholder returns in Q1, the preference between dividends and buybacks, and the target minimum cash balance. She also sought details on the 2025 cost guidance, including the gold price and inflation assumptions used.

    Answer

    CFO Jamie Porter confirmed a Q1 tax payment but stated it wouldn't prevent buybacks, with the capital return mix depending on market conditions. He noted a target cash balance of around $1 billion. Mr. Porter also clarified that the 2025 budget used a $2,500/oz gold price and assumed a 5% cost inflation rate. CEO Ammar Al-Joundi reiterated the company's commitment to disciplined capital allocation and increasing shareholder returns at higher gold prices.

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    Tanya Jakusconek's questions to AGNICO EAGLE MINES (AEM) leadership • Q2 2024

    Question

    Tanya Jakusconek asked for clarification on the Canadian dollar's impact on costs, the long-term outlook for the total capital budget given the project pipeline, and the strategy behind recent investments in non-gold junior miners.

    Answer

    CFO James Porter quantified the Q2 currency benefit at $18/oz, largely offset by higher royalties, and confirmed the sensitivity going forward. Executive Ammar Al-Joundi addressed capital spending, stating that while it could rise towards $2 billion, projects will be phased based on financial and human capacity, with decisions driven by risk-adjusted returns. He also explained that investments in juniors, including non-gold assets, are a continuation of a long-standing strategy to leverage regional knowledge and technical expertise in promising early-stage opportunities.

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    Tanya Jakusconek's questions to KINROSS GOLD (KGC) leadership

    Tanya Jakusconek's questions to KINROSS GOLD (KGC) leadership • Q2 2025

    Question

    Tanya Jakusconek asked a series of strategic questions regarding capital allocation priorities, the approach to reserve calculations amid high gold prices, and which properties show the most promise for reserve replacement.

    Answer

    CEO J. Paul Rollinson addressed the questions, stating that while committed to the $650M capital return, decisions on excess cash are premature. He affirmed Kinross is not changing its reserve price assumptions or dropping cutoff grades, focusing instead on margin. He highlighted the Kerloo and Phase X brownfield projects as particularly exciting for future growth and reserve replacement.

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    Tanya Jakusconek's questions to KINROSS GOLD (KGC) leadership • Q1 2025

    Question

    Tanya Jakusconek of Scotiabank asked for an update on First Nation consultations for the Great Bear project, a review of the project pipeline's optionality and timelines (including Lobo-Marte and Curlew), and clarification on the quarterly production profile for 2025.

    Answer

    Geoffrey P. Gold, EVP and Chief Legal Officer, described the ongoing IBA negotiations with First Nations partners as productive and constructive. CEO J. Rollinson added that the relationship is strong and the agreement timeline does not hold up the project. William Dunford, EVP and CTO, detailed the timelines for projects like Curlew and Phase X (around 2028), with Lobo-Marte further out. J. Rollinson confirmed the full-year production profile is expected to be evenly distributed after a strong Q1, even with the Tasiast downtime.

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    Tanya Jakusconek's questions to KINROSS GOLD (KGC) leadership • Q4 2024

    Question

    Tanya Jakusconek asked about the 2025 mine plan sequencing, the minimum cash balance required, the timing for the Curlew project, and the company's approach to external M&A. She also requested a detailed update on the Great Bear AEX program permits and First Nations negotiations.

    Answer

    EVP and COO Claude J. Schimper stated no major shutdowns are planned for 2025, ensuring consistent production. CEO J. Rollinson and CFO Andrea Freeborough noted a cash balance above $500 million is typical. EVP and CTO William Dunford suggested 2028 is a reasonable assumption for Curlew. Rollinson emphasized a disciplined M&A approach focused on the internal pipeline. EVP Geoffrey P. Gold gave a detailed update on Great Bear permits and said First Nations negotiations are progressing well, targeting completion in late 2025.

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    Tanya Jakusconek's questions to KINROSS GOLD (KGC) leadership • Q2 2024

    Question

    Tanya Jakusconek asked about any planned maintenance shutdowns in H2, updated debt repayment expectations given high gold prices, and potential cost inflation for the upcoming Great Bear PEA.

    Answer

    EVP and COO Claude J. Schimper confirmed a major liner change at Tasiast in Q3 and other maintenance at La Coipa. CFO Andrea Freeborough and CEO J. Rollinson projected a total 2024 debt repayment of around $700 million at current gold prices. Rollinson also indicated the initial capital for Great Bear is now directionally closer to $1.2 billion plus inflation, with AISC expected to remain below $1,000/oz.

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    Tanya Jakusconek's questions to BUENAVENTURA MINING CO (BVN) leadership

    Tanya Jakusconek's questions to BUENAVENTURA MINING CO (BVN) leadership • Q2 2025

    Question

    Asked for clarification on modeling the purchased Cerro Verde concentrate, an update on the Trepiche project timeline, and several detailed questions on the San Gabriel project's ore stockpile target, the definition of commercial production, and the reasons for the extended ramp-up period.

    Answer

    The Cerro Verde concentrate sale is a back-to-back transaction with a small margin, which may continue until 2027. The Trepiche environmental permit is expected by year-end 2025, with a feasibility study in Q3 2026. For San Gabriel, the ore stockpile target was reduced to prioritize mine development, commercial production is defined as 20 days at 65% capacity, and the ramp-up to steady state in H2 2026 is constrained by the initial narrowness of the dry-stack tailings valley.

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    Tanya Jakusconek's questions to BUENAVENTURA MINING CO (BVN) leadership • Q2 2025

    Question

    Tanya Jakusconek of Scotiabank asked for details on modeling the new Cerro Verde concentrate sales, an update on the Trapiche project's timeline, and a deeper dive into the San Gabriel project, including its stockpile target, the definition of commercial production, and the reasoning behind its extended ramp-up period.

    Answer

    CFO Daniel Dominguez and VP Aldo Masa clarified that the Cerro Verde concentrate sale is a back-to-back transaction with a margin, where revenue is booked to the top line and the purchase to cost of sales. Regarding Trapiche, CEO Leandro García and VP Alejandro Hermoza confirmed the environmental permit is on track for year-end approval, with a feasibility study expected in Q3 2026. For San Gabriel, VP Juan Carlos Ortiz explained the stockpile target was revised to focus on mine development, and the lengthy ramp-up is constrained by the narrow, V-shaped tailings valley, which limits the initial placement rate.

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    Tanya Jakusconek's questions to BUENAVENTURA MINING CO (BVN) leadership • Q2 2025

    Question

    Tanya Jakusconek of Scotiabank requested clarification on modeling the new Cerro Verde concentrate sales, asked for an update on the Trapiche project's timeline and feasibility study, and posed detailed questions about the San Gabriel project, including stockpile targets, the definition of commercial production, and the reasons for a year-long ramp-up.

    Answer

    CFO Daniel Dominguez Vera and VP Aldo Masa clarified that the Cerro Verde concentrate sale is a back-to-back transaction with a modest margin, where the sale is booked to revenue and the purchase to cost of sales. Regarding Trapiche, CEO Leandro García and VP Alejandro Hermoza confirmed the environmental permit is on track for year-end approval, with the feasibility study expected in Q3 2026. For San Gabriel, VP Juan Carlos Ortiz explained the initial ramp-up is constrained by the narrow topography of the tailings facility, not the mine or plant capacity. CEO Leandro García defined commercial production as 20 continuous days at 65% capacity, producing two gold bars.

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    Tanya Jakusconek's questions to NEWMONT Corp /DE/ (NEM) leadership

    Tanya Jakusconek's questions to NEWMONT Corp /DE/ (NEM) leadership • Q2 2025

    Question

    Tanya Jakusconek from Scotiabank asked for clarification on the strategic status of several equity positions (Greatland Gold, Orla, Lundin Gold) and inquired where the greatest productivity improvements could be found in the portfolio.

    Answer

    President and CEO Tom Palmer classified the Greatland Gold and Orla positions as non-core, while affirming comfort with the Lundin Gold stake. President and COO Natascha Viljoen identified a spectrum of productivity opportunities, from broad-based improvements at Lihir to a singular focus on productivity at Cerro Negro, with key assets like Penasquito providing best practices for the entire portfolio.

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    Tanya Jakusconek's questions to NEWMONT Corp /DE/ (NEM) leadership • Q1 2025

    Question

    Tanya Jakusconek asked for a detailed breakdown of how potential tariffs could impact Newmont's cost structure, specifically focusing on consumables, labor, and sustaining capital for new fleet replacements. She also inquired about any expiring labor contracts.

    Answer

    Executive Tom Palmer stated that while the situation is being monitored, the impact is currently consistent with budget assumptions. He noted labor (50% of costs) is unaffected, while consumables (30%) see some upward pressure on steel-exposed grinding media, offset by mixed trends in other areas. Energy costs (15%) are seeing some tailwinds. Palmer confirmed no significant fleet change-outs are planned for this year and described ongoing labor negotiations at Cadia and Merian as 'standard fair' unrelated to tariff volatility.

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    Tanya Jakusconek's questions to NEWMONT Corp /DE/ (NEM) leadership • Q3 2024

    Question

    Tanya Jakusconek from Scotiabank requested a breakdown of cost pressures between Newmont-specific factors (like volume and sustaining capital) and industry-wide inflation, particularly for contractors. She also asked for more detail on the expected production decline at Cadia over the next two years.

    Answer

    Executive Tom Palmer confirmed the 2025 cost story is primarily driven by internal volume and sustaining capital factors, with the escalated labor cost run-rate from late 2024 carrying forward. Executive Natascha Viljoen explained that Cadia's output will dip due to lower grades from aging panel caves, but this will be offset as the new PC2-3 cave ramps up over the next two years.

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    Tanya Jakusconek's questions to AngloGold Ashanti (AU) leadership

    Tanya Jakusconek's questions to AngloGold Ashanti (AU) leadership • Q1 2025

    Question

    Tanya Jakusconek asked for confirmation on the new North Bullfrog production timeline and for clarity on the H1/H2 production and capital spending split for the year.

    Answer

    CEO Alberto Calderon confirmed that the new expectation for North Bullfrog production is around 2028. CFO Gillian Doran clarified that the full-year production split is expected to be more balanced than in the past, at approximately 48% in H1 and 52% in H2, with capital spending also being relatively balanced throughout the year.

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    Tanya Jakusconek's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Tanya Jakusconek of Scotiabank sought clarification on cost guidance, asking if costs were still trending to the low end of the range. She also inquired about the status of the Ghana joint venture, recent developments at the Quebradona project, and the timeline for adopting U.S. GAAP reporting standards.

    Answer

    CEO Alberto Calderon confirmed costs are trending towards the low end of the guidance range and that the full potential program aims to at least offset inflation. He expressed increased optimism for the Ghana JV, expecting more news next quarter, and positioned Quebradona as a long-term option pending a more favorable political climate. CFO Gillian Doran outlined the plan to adopt U.S. GAAP reporting starting January 1, 2026, noting the complexity of the transition.

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    Tanya Jakusconek's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Tanya Jakusconek from Scotiabank sought clarity on full-year cost guidance, the status of the Ghana joint venture, the renewed mention of the Quebradona asset, and the timeline for adopting U.S. GAAP reporting.

    Answer

    CEO Alberto Calderon confirmed costs are trending towards the lower end of guidance. He expressed increased optimism for the Ghana JV, expecting more news next quarter, and positioned Quebradona as a long-term option. CFO Gillian Doran outlined the plan to adopt U.S. GAAP reporting from January 1, 2026, while providing full IFRS quarterly financials in the interim.

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    Tanya Jakusconek's questions to AngloGold Ashanti (AU) leadership • H1 2024

    Question

    Tanya Jakusconek from Scotiabank sought confirmation on cost guidance, asking if costs were still trending to the lower end of the range. She also asked for updates on the Ghana joint venture, the Quebradona project, and the timeline for adopting U.S. GAAP.

    Answer

    CEO Alberto Calderon confirmed costs are trending towards the low end of guidance. He added he is 'more optimistic' about the Ghana JV and expects news next quarter, while Quebradona remains a long-term option. CFO Gillian Doran stated the plan is to adopt U.S. GAAP effective January 1, 2026, and that the company will begin reporting full financials quarterly under IFRS in Q3 2024.

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    Tanya Jakusconek's questions to ROYAL GOLD (RGLD) leadership

    Tanya Jakusconek's questions to ROYAL GOLD (RGLD) leadership • Q1 2025

    Question

    Tanya Jakusconek from Scotiabank sought confirmation on the company's GEO sales outlook being weighted to the second half of the year, asked for details on cash payment commitments for 2025, requested an update on the Pueblo Viejo silver circuit's ramp-up and the timeline for recognizing deferred silver ounces, and inquired about the M&A landscape, including opportunities from base metal companies and the potential for larger transactions.

    Answer

    SVP of Operations Martin Raffield and President and CEO William Heissenbuttel confirmed the second-half weighted production outlook, noting Q4 should be strong but deliveries can be lumpy. CFO Paul Libner stated there were no further committed payments to model for 2025 beyond the Q1 Xavantina transaction. Regarding Pueblo Viejo, Raffield detailed ongoing work with silver recovery expected to improve late in the year, while Heissenbuttel cautioned that the 1.97 million ounces of deferred silver would likely be recovered over a few years. On M&A, SVP Daniel Breeze confirmed they are seeing broad opportunities, including from base metal producers, and Heissenbuttel acknowledged seeing larger deals but stated the company's normal focus remains on the $100-$300 million range.

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    Tanya Jakusconek's questions to ROYAL GOLD (RGLD) leadership • Q3 2024

    Question

    Tanya Jakusconek of Scotiabank sought clarification on the 2024 guidance, the reasons for a softer Q4, and the current M&A transaction environment. She asked about typical deal sizes, the types of opportunities being seen, and whether deal structures are becoming more complex in the competitive landscape.

    Answer

    President and CEO William Heissenbuttel confirmed guidance, noting gold would be at or below the midpoint and silver modestly below the low end of the range, attributing a softer Q4 to the timing of deliveries from assets like Mount Milligan. SVP of Corporate Development, Daniel Breeze, described the M&A pipeline as 'very robust,' with opportunities across development, acquisitions, and royalties, primarily in the $100M-$300M range. Breeze added that while Royal Gold is open to more complex structures that include debt, the core focus remains on securing long-term optionality through traditional stream and royalty agreements.

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    Tanya Jakusconek's questions to GOLD leadership

    Tanya Jakusconek's questions to GOLD leadership • Q1 2025

    Question

    Inquired about the status of other non-core assets like Pascua-Lama and Norte Abierto, sought clarification on the CEO succession process, and asked for an update on the situation and next steps in Mali.

    Answer

    Pascua-Lama (El Alto) is in the permitting stage for drilling, and Norte Abierto is undergoing a pre-feasibility study. The CEO succession is a normal, ongoing board process, not a newly formalized one. In Mali, an exit arbitration process has begun and the country is participating, but negotiations for a settlement continue to be the preferred path despite previous setbacks.

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    Tanya Jakusconek's questions to GOLD leadership • Q4 2024

    Question

    Asked about the rationale and accounting for the Loulo-Gounkoto write-down, the re-profiling of long-term capital spending, the critical path for the Pueblo Viejo relocation, and the mechanics of the Fourmile JV obligation.

    Answer

    The Loulo write-down was an impairment of goodwill triggered by the dispute in Mali, an accounting requirement that won't necessarily be repeated quarterly. The long-term capital profile has shifted due to more detailed project scheduling, but total project costs remain the same. The Pueblo Viejo relocation has flexibility, with the starter dam needed by 2029. The Fourmile vend-in is an automatic put/call obligation for both Barrick and Newmont once feasibility is established.

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    Tanya Jakusconek's questions to GOLD leadership • Q2 2024

    Question

    Asked detailed questions confirming the drivers for H2 performance at Nevada Gold Mines and Pueblo Viejo, checking on Q3 progress, clarifying the long-term PV recovery target, and asking about the outlook for reserve replacement and reserve pricing.

    Answer

    The H2 NGM improvement is driven by grade, and the pickup has been seen in Q3. PV recovery improvement is progressing but is a complex technical refinement process. The 90%+ recovery target is correct but long-term. Reserve replacement looks strong for the year, driven by the major growth projects. The reserve price is under review but will remain disciplined to protect asset quality.

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    Tanya Jakusconek's questions to GOLD leadership • Q1 2024

    Question

    Inquired about political risk from the Dominican Republic election, the status of a VAT refund in Chile, the expected production split between the first and second half of 2024, and current inflationary pressures on costs.

    Answer

    The executive expects political stability in the DR post-election. The Chilean VAT refund risk is considered low due to power exports meeting requirements. The production profile is confirmed to be second-half weighted, especially for copper. Inflation is not rising, but some input costs remain stubbornly high, while labor pressures have eased.

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    Tanya Jakusconek's questions to SANDSTORM GOLD (SAND) leadership

    Tanya Jakusconek's questions to SANDSTORM GOLD (SAND) leadership • Q4 2024

    Question

    Tanya Jakusconek sought more detail on the 2025 guidance, asking if the low end was driven by factors beyond commodity prices, the expected quarterly production cadence for the year, and if a dividend increase is possible after debt and buyback goals are met.

    Answer

    Executive Nolan Watson confirmed the conservative 2025 guidance includes risk adjustments beyond prices, such as assuming no production ramp-up at Greenstone. He guided for a stronger Q1 due to a timing catch-up, followed by relatively flat quarters with a potential Q4 uptick. Watson also indicated that with the balance sheet strengthening, a dividend increase is likely at the next annual review, barring any surprises.

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    Tanya Jakusconek's questions to SANDSTORM GOLD (SAND) leadership • Q4 2024

    Question

    Tanya Jakusconek sought more detail on the 2025 guidance, asking if the conservative low-end was driven by commodity prices alone or included other operational risks. She also requested insight into the expected quarterly production cadence for 2025 and inquired about the potential for dividend increases after debt reduction and share buybacks.

    Answer

    Executive Nolan Watson confirmed the conservative 2025 guidance includes significant risk adjustments beyond commodity prices, such as assuming no production ramp-up at Greenstone. He projected a stronger Q1 due to a 1,000-1,500 GEO catch-up, followed by relatively flat quarters with a potential upward trend late in the year. Regarding capital returns, Watson stated the company intends to resume its policy of annual dividend increases, which had been paused, and expects to consider an increase at the next review.

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